In the US alone, fraudulent claims total approximately $80 billion per year. It is vital that companies take action early on to detect and prevent fraud to avoid losses. Insurance transcription is one method today’s companies can enlist to prevent these issues from occurring.
Reliable and accurate insurance transcription is one of the key ways to curb insurance claims fraud. Having transcripts of recorded insurance claims, interviews and meetings make it easier and more convenient to detect insurance fraud.
Normally, an adjuster would need to listen to an audio recording when reviewing a case. This can be tedious and cumbersome. Listening to an audio recording means constantly rewinding, pausing, or forwarding the track in order to get the information needed.
Companies are now investing in professional transcription solutions, like those of Verbit, to save time and money by streamlining the transcription process to receive reliable and accurate transcripts quickly.
What is insurance transcription?
Insurance transcription is the act of transcribing audio or video content that is gathered for insurance records. There are several different kinds of audio that can be transcribed for insurance investigations.
- Interviews: Transcribing interviews with claimants such as medical and legal professionals or any other relevant experts are vital in order to have an easy-to-reference, accurate record of claims. There may also be any number of recordings from meetings related to claims and dictations from insurance professionals who are working on a case.
- Eyewitness accounts: Conversations with witnesses or people acquainted with the individuals involved in a claim must be transcribed to avoid “he said, she said” scenarios. Inaccurate or misreported eyewitness accounts increase the likelihood that a fraudulent claim will be overlooked.
- Investigations: Transcripts from insurance investigations provide valuable due diligence when verifying a claim. Results of an investigation include field notes that were recorded or filmed in real time, as well as summary reports and gathered evidence.
Transcription for insurance companies provides a clear, documented record to any and all recorded materials, regardless of the length or the content or the subject matter.
Why is insurance transcription important?
Insurance claims transcription is vital because it saves companies time, provides easy-to-reference documents and ensures information gathered from recordings is accurate and reliable in order to detect and prevent fraud.
Transcription saves time
From insurance adjusters recording claimants to conversations with medical, legal, and insurance professionals, the amount of verbal records that insurance companies handle is vast. Insurance claims transcription enables companies to accelerate the process of claims investigations and ensure on-time settlements of any insurance case.
Transcription companies like Verbit can even have completed transcripts ready within a few hours. When your employees don’t have to spend their days pouring over hours of highly descriptive audio or video content, valuable time and effort can be redirected to more important matters.
Written transcripts are easy-to-reference Transcription for insurance companies helps agencies get their recorded discussions transcribed into a clearly composed structure that can be easily referenced. Insurance adjusters use transcripts to understand even the minutest details of a case that would be very tedious to check by listening to audio. Transcripts are also easily searchable, making it simple to find specific keywords or details. Such a feature is not available in audio.
Additionally insurance claim transcription enables the simple transfer of files between departments and adjusters. Transcripts, either printed or digital, are much easier to distribute, reference and share than audio or video files which are often larger and take longer to compress and send. Plus, listening to files can lead to different interpretations. Transcripts allow everyone on the claims team to refer to the same information with no room for doubt about what was said.
Insurance transcripts help detect and prevent fraud
Insurance fraud is a serious liability and so having written transcripts is crucial. It’s much easier to spot inconsistencies and discrepancies in a claimant’s statement when you have a written text to analyze, especially when you’re comparing several statements or interviews in a single claim.
Insurance transcription services like Verbit can even go a step further and provide you with verbatim transcriptions. These transcriptions include every word fumble, hesitation and pause that could very well be revelatory clues about what is being communicated by a claimant. Accurate verbatim transcripts help your team analyze the exact meaning of an interviewee’s words in order to detect meaning about the veracity and legitimacy of a claim.
The importance of transcription accuracy
For transcripts to be effective and reliable, they must be as accurate as possible. An accurate transcript refers to a transcript that has a low rate of errors. Errors can occur as a result of strong regional accents, technical jargon and noisy recording environments.
Transcription accuracy should not be underestimated when it comes to sensitive insurance information. Terminology must be spelled correctly, with no detail overlooked. One misplaced comma, or misheard quote can have a drastic effect on the accuracy of a transcript and by extension, the insurance claim.
Many insurance transcription services use Automated Speech Recognition Software (ASR) to transcribe audio or video. However, ASR can rarely deliver accuracy on its own. To ensure the highest quality transcripts with a low rate of inaccuracies it is recommended to partner with a transcription company like Verbit that can use automatic transcription software and human transcribers who double check your transcripts and edit them to ensure they reach high accuracy.
How can transcription services help insurance companies?
In order to receive quality insurance claim transcriptions, insurance companies have the choice to transcribe their content themselves or partner with an insurance transcription service.
Regardless of whether an insurance firm offers clinical, property, life or accident coverage, enlisting the help of an insurance transcription service streamlines the transcription process. Outsourcing these efforts to a trusted partner like Verbit can improve transcript accuracy and save time that would otherwise be spent transcribing materials in-house.
Additional reasons insurance companies should outsource insurance transcription include:
Supporting data security
Insurance companies, like any other, can be a target for both internal and external data breaches. When a transcription company does not outsource insurance transcription to a professional transcription company and instead hires non professional transcribers in-house, there are oftentimes no official security measures in place to protect data.
Partnering with a transcription company that clearly outlines their security protocols provides peace of mind that your sensitive data is protected. Verbit is an essential transcription partner for businesses and provides a third-party attestation report covering security, availability, confidentiality and privacy. Plus, all Verbit servers are located within its own virtual private cloud (VPC) for data protection.
Provide an acceptable file for legal teams
In the unfortunate event of a legal dispute, all insurance files must be transcribed. Oftentimes, audio and video files are not accepted as evidence during mediation or arbitration. Having insurance claim files transcribed and ready puts you one step ahead of the process. Professional insurance claim transcription companies are adept at preparing transcripts in a legally acceptable format, with the required time stamps and speaker identifications.
Translate foreign language claims
It is not uncommon for insurance companies to deal with claimants or witnesses who don’t speak or understand English. When this happens, it is still necessary to get a recorded statement, even if it’s in a foreign language.
Fortunately, there are insurance claim transcription companies, like Verbit, who will translate and transcribe foreign language audio and video files into English. Partnering with a professional transcription company in this instance provides multiple solutions at one time. Not only will you receive the necessary translation, but you will also receive a comprehensive, reliable transcription in the same turnaround time.
Reliable transcription protects against insurance fraud
In order to combat fraud, companies must keep accurate transcripts on file. Transcribing statements, summary reports and interviews not only creates easy-to-reference documents for employees to share, but saves time that would otherwise be wasted listening to audio files.
Partnering with a professional transcription company like Verbit is the best way for companies to ensure that their transcripts are accurate and reliable. As a trusted provider of accessibility solutions, Verbit also supports live transcription, video captioning, translation and audio description for all of your company’s needs. Contact Verbit to learn more about how we can work together to provide quality transcription and more for your insurance company.